‘Biotech-based fertilizer usage to boom substantially in 6 years’
Biotech-based fertilizers are emerging as an alternative to chemical fertilizers.
JAIPUR: The use of biotech-based fertilizers is expected to experience substantial growth over the next six years. Biofertilizers, organic fertilizers derived from sources such as biomass, plant and animal waste, compost, and similar materials, provide essential components and nutrients to the soil, promoting healthy and sustainable crop growth, said Vasanth JB, managing director of Anneo Biotech in an interview.
As an alternative to chemical fertilizers, biofertilizers are becoming an integral part of sustainable agriculture and are gaining popularity among the agricultural community. They contribute to increased crop yield and quality, improved soil fertility and structure, and are eco-friendly and cost-effective, Vasanth JB said.
The demand for biofertilizers and biotech-based agriculture products in India has surged, driven by growing awareness among farmers of their benefits.
The Indian biofertilizer market is primarily driven by the increasing demand for sustainable agriculture and rising public awareness of organic food sources. The growing health-consciousness of consumers, favourable government initiatives and policies, and the growing population, which has increased the demand for food products and consequently fertilizers, also support the market. India’s biofertilizer market is projected to grow at a CAGR of around 12% in the next six years.
Vasanth JB stated that there is huge potential for biofertilizers in India and around the world. He said that the adoption of biotech-based fertilizers is booming and that their usage has increased significantly in today’s agricultural world.
He also noted that biotech-based fertilizers address key issues faced by farmers and expressed optimism about the overall growth of the fertilizer industry. Anneo Biotech, a pioneer in the Indian biotech-based fertilizer industry, has developed a range of biofertilizers that effectively improve crop yield and quality and has played a pivotal role in supplying these products internationally.
In conclusion, biotech-based fertilizers are projected to experience steep growth in India, driven by factors such as awareness of sustainable agriculture, government policies, and increased demand for food products derived from non-chemical fertilizers. The global biofertilizers market size was valued at around USD 2,519 million in 2021 and is forecasted to reach USD 4,430 million by 2028, with a CAGR of 8.40% during the forecast period.